bajaj teekam

8/8/2019 bajaj teekam

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Submitted to

Rajasthan University

Session 2009-2010

For the Partial fulfillment of the

degree of

Bachlor of Business Administration

Submitted bySubmitted to :-Kratika Sharma Department of ManagementBBA Final year Mahatma Jyoti Rao Phoole

PC Mahila Mahavidhalaya

Jaipur


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DECLARATION

I K ri ti ka Sh arma , he reb y d ec la r e t ha t t he p roj e ct e nt it le d

Market Appercept ion Regard ing Serv ices Offered by ICICI

Bank & I t s Comparison wi th Nat ional ized Banks wi th More

Emphasis on Saving Bank Account Which is being submit ted

i n p a r t i a l f u l f i l l me n t o f t h e r e q u i r e me n t s fo r t h e a w a rd o f

degree of bachelor of Business Administrat ion(BBA) f rom the

Mahatma Jyot i Rao Phule Mahila Maha Vidhyalays Universi ty

of Rajas than , Ja ipur The mat te r embodied in the pro jec t has

n o t b e e n su b mi t t e d so f a r fo r t h e a w a rd o f a n y d e g re e o r

diploma.

(Kritika Sharma)

BBA PART 3RD


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Sept 28,2009

CERTIFICATE

This is to certify thatKratika Sharma completed

his training and submitted a project entitled Need

Analysis of Customer for Bajaj Allianz Co.Ltd. in

partial fulfillment of the requirement for the degree

of Bachelor of Business Administration of Rajasthan

University Jaipurwith his truly and honestly observed

inferences during his training..

I wish him bright future in his career.

Chanderveer Singh


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ACKNOWLEDGEMENT

A Summer Training is a combination of views and ideas and suggestions

and contribution of many people. Thus, one of the pleasant parts of the writing.

This report is the opportunity to thanks those who contributed toward its

fulfillment.

I am thankful to Chander Veer Singh for his vital inputs and valuable

suggestions and continuous guidance, which have gone a long way in providing

necessary impetus to our efforts in consummating this report.

My sincere thanks to her for providing with all the relevant information

for completion of my project.

My interaction with Bajaj Allianz was immensely pleasurable and it was

an honor to have been a small part of Bajaj Allianz Co. Limited..

Last, but not the least I am thankful to all my co trainees without whom

my time at Bajaj Allianz would not have been as pleasurable.

Kratika SharmaBBA Final Year


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PREFACE

It is well evident that work experience is an indispensable part of every

professional course .In the same manner practical training in any organization is must

for each and every individual who is undergoing management course.

Without the practical exposure one cannot consider himself or herself as a

qualified capable manager. During the training period the student learn through his

own experience, the real situation of the corporate world and to put his theoretical

knowledge into practice. This experience is very valuable for the student and plays a

leading and an important role in the career of the student.

Hence to fulfill this requirement, I had completed my Six weeks in Bajaj

Allianz Life Insurance Co. Limited.

Entering in an organization is like a stepping into altogether a new world. At

first everything seems to be strange and unheard but at the same time when the time

passes one understands the concepts and working of the organization and thereby

developed professional relationship.

Initially, it felt as if classroom study was just theory and have no relation in any

concerns working but gradually it is realized that all the basic fundamental concepts

studies are linked in one or the other ways to the organization. But how and what can


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be done with fundamentals depend upon the intellectual and applicability of the

individuals. It is just a matter to modify the theory so as to apply it to the given

practical solution.

CONTENTS

CERTIFICATE

DECLARATION

ACKNOWLEDGEMENT

PRFACE

INTRODUCTION OF INSURANCE

COMPANY INTRODUCTION

CHANNEL PARTNERS

COMPANY PLANS

IRDA CERTIFICATION

RESEARCH METHODOLOGY

OBJECTIVE

DATA ANALYSIS

GRAPHS

COLLECTION OF DATA

LIMITATION

CONCLUSION

BIBLIOGRAPHY


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QUESTIONNAIR

InsuranceInsurance, in law and economics, is a form of risk

management primarily used to hedge against the risk of a

contingent loss. Insurance is defined as the equitable transfer of

the risk of a loss, from one entity to another, in exchange for a

premium. An insurer is a company selling the insurance. The

insurance rate is a factor used to determine the amount, called

the premium, to be charged for a certain amount of insurance

coverage. Risk management, the practice of appraising and

controlling risk, has evolved as a discrete field of study and

practice.

Insurance in India

Insurance is a federal subject in India and has a historydating back to 1818. Life and general insurance in India is still a

nascent sector with huge potential for various global players with

the life insurance premiums accounting to 2.5% of the country's

GDP while general insurance premiums to 0.65% of India's GDP.

[1]. The Insurance sector in India has gone through a number of

phases and changes, particularly in the recent years when the

Govt. of India in 1999 opened up the insurance sector by allowing

private companies to solicit insurance and also allowing FDI up to

26%. Ever since, the Indian insurance sector is considered as a

booming market with every other global insurance company


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wanting to have a lion's share. Currently, the largest life

insurance company in India is still owned by the government.

History of Insurance in India

Insurance in India has its history dating back till 1818, when

Oriental Life Insurance Company was started by Europeans in

Kolkata to cater to the needs of European community. Pre-

independent era in India saw discrimination among the life of

foreigners and Indians with higher premiums being charged for

the latter. It was only in the year 1870, Bombay Mutual Life

Assurance Society, the first Indian insurance company covered

Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies

started mushrooming up. In the year 1912, the Life Insurance

Companies Act, and the Provident Fund Act were passed to

regulate the insurance business. The Life Insurance Companies

Act 1912 made it necessary that the premium rate tables and

periodical valuations of companies should be certified by an

actuary. However, the disparage still existed as discrimination

between Indian and foreign companies. The oldest existing

insurance company in India is National Insurance Company Ltd,which was founded in 1906 and is doing business even today.

Insurance industry, earlier comprised of only two state insurers.

Life Insurers i.e. Life Insurance Corporation of India (LIC) and


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General Insurers i.e. General Insurance Corporation of India (GIC).

GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries havebeen de-linked from parent company and made as independent

insurance companies: Oriental Insurance Company Limited, New

India Assurance Company Limited, National Insurance Company

Limited and United India Insurance Company Limited.

Principles of Insurance

Commercially insurable risks typically share seven common

characteristics.

A large number of homogeneous exposure units. The vast

majority of insurance policies are provided for individual

members of very large classes. Automobile insurance, for

example, covered about 175 million automobiles in the United

States in 2004. The existence of a large number of homogeneous

exposure units allows insurers to benefit from the so-called law

of large numbers, which in effect states that as the number of

exposure units increases, the actual results are increasingly likely

to become close to expected results. There are exceptions to this

criterion. Lloyd's of London is famous for insuring the life or

health of actors, actresses and sports figures. Satellite Launch

insurance covers events that are infrequent. Large commercialproperty policies may insure exceptional properties for which

there are no homogeneous exposure units. Despite failing on

this criterion, many exposures like these are generally considered

to be insurable.


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Definite Loss.

The event that gives rise to the loss that is subject to

insurance should, at least in principle, take place at a known

time, in a known place, and from a known cause. The classicexample is death of an insured on a life insurance policy. Fire,

automobile accidents, and worker injuries may all easily meet

this criterion. Other types of losses may only be definite in

theory. Occupational disease, for instance, may involve

prolonged exposure to injurious conditions where no specific

time, place or cause is identifiable. Ideally, the time, place and

cause of a loss should be clear enough that a reasonable person,

with sufficient information, could objectively verify all three

elements.

Accidental Loss.

The event that constitutes the trigger of a claim should be

fortuitous, or at least outside the control of the beneficiary of the

insurance. The loss should be pure, in the sense that it results

from an event for which there is only the opportunity for cost.

Events that contain speculative elements, such as ordinary

business risks, are generally not considered insurable.

Large Loss.

The size of the loss must be meaningful from the

perspective of the insured. Insurance premiums need to cover

both the expected cost of losses, plus the cost of issuing and

administering the policy, adjusting losses, and supplying the

capital needed to reasonably assure that the insurer will be able

to pay claims. For small losses these latter costs may be several

times the size of the expected cost of losses. There is little point


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in paying such costs unless the protection offered has real value

to a buyer.

Affordable Premium.

If the likelihood of an insured event is so high, or the cost ofthe event so large, that the resulting premium is large relative to

the amount of protection offered, it is not likely that anyone will

buy insurance, even if on offer. Further, as the accounting

profession formally recognizes in financial accounting standards,

the premium cannot be so large that there is not a reasonable

chance of a significant loss to the insurer. If there is no such

chance of loss, the transaction may have the form of insurance,

but not the substance. (See the U.S. Financial Accounting

Standards Board standard number 113)

Calculable Loss.

There are two elements that must be at least estimable, if

not formally calculable: the probability of loss, and the attendant

cost. Probability of loss is generally an empirical exercise, while

cost has more to do with the ability of a reasonable person in

possession of a copy of the insurance policy and a proof of loss

associated with a claim presented under that policy to make a

reasonably definite and objective evaluation of the amount of the

loss recoverable as a result of the claim.

Limited risk of catastrophically large losses.

The essential risk is often aggregation. If the same event

can cause losses to numerous policyholders of the same insurer,

the ability of that insurer to issue policies becomes constrained,

not by factors surrounding the individual characteristics of a


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given policyholder, but by the factors surrounding the sum of all

policyholders so exposed. Typically, insurers prefer to limit their

exposure to a loss from a single event to some small portion of

their capital base, on the order of 5 percent. Where the loss canbe aggregated, or an individual policy could produce

exceptionally large claims, the capital constraint will restrict an

insurers appetite for additional policyholders. The classic example

is earthquake insurance, where the ability of an underwriter to

issue a new policy depends on the number and size of the

policies that it has already underwritten. Wind insurance in

hurricane zones, particularly along coast lines, is another

example of this phenomenon. In extreme cases, the aggregation

can affect the entire industry, since the combined capital of

insurers and reinsurers can be small compared to the needs of

potential policyholders in areas exposed to aggregation risk. In

commercial fire insurance it is possible to find single properties

whose total exposed value is well in excess of any individual

insurers capital constraint.


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Insurance Companies

Insurance companies may be classified into two groups:

Life insurance companies, which sell life insurance, annuities and pensions

products.

Non-life, General, or Property/Casualty insurance companies, which sell

other types of insurance.

General insurance companies can be further divided into these sub categories.

Standard Lines

Excess Lines

In most countries, life and non-life insurers are subject to different regulatory

regimes and different tax and accounting rules. The main reason for the distinction

between the two types of company is that life, annuity, and pension business is

very long-term in nature coverage for life assurance or a pension can cover


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risks over many decades. By contrast, non-life insurance cover usually covers a

shorter period, such as one year.

Insurance companies are generally classified as either mutual or stock

companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while

stockholders (who may or may not own policies) own stock insurance companies.

Other possible forms for an insurance company include reciprocals, in which

policyholders 'reciprocate' in sharing risks, and Lloyds organizations.

The types of risk that a captive can underwrite for their parents include

property damage, public and products liability, professional indemnity, employee

benefits, employers liability, motor and medical aid expenses. The captive's

exposure to such risks may be limited by the use of reinsurance.

About CompanyBajaj Allianz Life Insurance Company Ltd

Contact Information

Address GE Plaza, Airport Road, Yerawada, Pune, Maharashtra,India, 411 006

Contact No. Phone No:(+91 20) 402 6777, Fax:(+91 20) 402 6789,Email ID: [email protected]

ContactPerson

Customer Care

Designation Marketing Head

Company Information

Industry Insurance

No OfEmployees

3000 Above

IncorporationDate

Jan 1, 1983

Turnover Please contact Customer Care for more details
mailto:[email protected]:[email protected]


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Branches All India

Products

Bajaj Allianz Life Insurance Co. Ltd. is a joint venturebetween two leading conglomerates- Allianz AG, one ofthe world's largest insurance companies, and Bajaj Auto,one of the biggest 2 and 3 wheeler manufacturers in the

world. Bajaj Allianz Life Insurance Is the fastest growingprivate life insurance company in India Currently has over3,00,000 satisfied customers We have customer carecenters in 155 cities with 28000 Insurance Consultantproviding the finest customer service. One of India'sleading private life insurance companies. Please visit ourCustomer Care Center closest to you and let us have yourfeedback, comments and suggestions! You may also fill-inour feedback form online or email us at:[email protected]

Categories Insurance, Insurance Advisers, Insurance consultant

Why Us?

Bajaj Allianz Life Insurance Company Limited is a Union

between Allianz SE, one of the worlds largest Life Insurance

companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler

manufacturers in the world.

Allianz SE is a leading insurance conglomerate globally and

one of the largest asset managers in the world, managing assets

worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz SE

has over 115 years of financial experience in over 70 countries.

Bajaj Auto is one of the most trusted name is Indian auto for

over 55 years. At Bajaj Allianz customer delight is our guiding

principle. Ensuring world-class solutions by offering customized

products with transparent benefits, supported by best technology

is our business philosophy.
mailto:[email protected]:[email protected]


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IRDA Certificate Tie Ups with Banks Allianz Group

Bajaj Group Bajaj Allianz General

Channel Partners

Accelerated Growth

Fiscal YearNo. of policies sold inFY

New Business in FY(Rs. in cr.)

2001-2002(6mths)

21,376 7

2002-2003 1,15,965 692003-2004 1,86,443 180

2004-2005 2,88,189 857

2005-2006 7,81,685 2717

2006-2007 20,79,217 4270
http://www.bajajallianzlife.com/irda.asphttp://www.bajajallianzlife.com/channel-partners.asphttp://www.allianz.com/http://www.bajajauto.com/1024/aboutbajaj/aboutbajaj.asphttp://www.bajajallianz.com/BagicCorp/bajaj_home/about_us/about_us.jsphttp://www.bajajallianzlife.com/irda.asphttp://www.bajajallianzlife.com/channel-partners.asphttp://www.allianz.com/http://www.bajajauto.com/1024/aboutbajaj/aboutbajaj.asphttp://www.bajajallianz.com/BagicCorp/bajaj_home/about_us/about_us.jsp


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www.syndicatebank.com

Syndicate Bank

Contact Number :020 4026 742E-mail Address:[email protected]

Standard Chartered Bank

Contact Number :022 2492 8888

E-mail Address:[email protected]

Placement Sales and Services Ltd.

Contact Number :0487-2388666,2385922 TeleFax - 2388666E-mail Address:[email protected]

Address: Regency Centre,Kalavary Road, West Fort,Thrissur 4 Kerala, India

www.teamlifecare.in

Team Life Care Co. (India) Ltd.

Contact Number :0427 - 2410707; 2420707; TeleFax - 2421245Address: 5/118, Yercaud MainRoad, Chinnakollapatti, SALEM -636008.

www.gemoney.in

GE Money

Address:4A, DLF CorporatePark Qutab Enclave, Phase - 3Gurgaon - 122002, HaryanaIndia
http://www.syndicatebank.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.teamlifecare.in/http://www.gemoney.in/mailto:[email protected]:[email protected]://www.syndicatebank.com/mailto:[email protected]:[email protected]:[email protected]://www.teamlifecare.in/http://www.gemoney.in/


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Ernestine Consultants Pvt Ltd.

Contact Number :080- 4034 1999 Fax- 080 - 40341920

Address: 1011, Ist Floor 3rdCross, 13th Main HAL 2nd Stage,Indira Nagar Bangalore-560038

www.cosmosbank.com

COSMOS Co-op BANK Ltd.

Contact Number : 0202488051

E-mail Address :[email protected]

UNIT LINKED
http://www.cosmosbank.com/mailto:[email protected]://www.cosmosbank.com/mailto:[email protected]


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Market linked insurance plans invest the premium in to the

equity, debt and cash markets by the way of allocating units,

which like any other mutual fund have a NAV and the customer is

free to switch between one fund class to another depending onthe risk factor he wishes to be in. ULIPs offer a better return than

the traditional endowment plans and offer a great deal of

flexibility along with great returns making them the finest

product offering. We at Bajaj Allianz Life Insurance have

developed a number of ULIP products, which range from single

premium to a regular premium option along with investment

funds ranging from index funds to mid-cap funds and debt

market linked funds.

Regular Premium

New Unit Gain Super

Unit Gain Plus Gold

New Family Gain

New Unit Gain Plus

Century Plus

New Unit Gain

Young Care

Young Care Plus

New Secure First

Single Premium

New Unit Gain Premier SP
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New Unit Gain Plus SP

PENSION

We at Bajaj Allianz Life Insurance offer Retirement Plans, which

will make sure that we are there to support you in every stage of

your life and your savings today become your wealth and support

for your future years to come.

Annuity

Pension Guarantee

Retirement

Retirement is the beginning of the twilight of the journey of

life when you have done all that you could to arrive at this point

of time, and now left with time to reflect back on what was, and

also what is to come. Our retirement plans help you to retire withlaughter lines not worry lines.

Retirement

Future Income Generator

Swarna Vishranti

New UnitGain Easy Pension Plus RP

New UnitGain Easy Pension Plus SP

Future Secure

Immediate annuity Plans from Bajaj Allianz Life

Insurance.

Pension Guarantee
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Future Income Generator

Swarna Vishranti

New UnitGain Easy Pension Plus RP New UnitGain Easy Pension Plus SP

Future Secure

TRADITIONAL

Saving Plans, which offer bonuses, are excellent long term

saving instruments with complete safety. Our products offer

additional benefits, which include 4 times life, cover at little extra

costs, limited premium payment terms and compounded

reversionary bonuses making it a very good long term

investment.

Endowment

Saving plan, which offer bonuses, are excellent long-term

plan with complete safety. Our products offer additional benefits

that include 4 times life cover at a little extra cost, limited

premium payment terms and compounded reversionary bonuses

making it a very good long-term investment.

Invest Gain

Save Care Economy SP

Life Time Care

Super Saver
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Money Back

Money back plans are Traditional Insurance plans that

provide the investor with returns at regular stages of life.

Cash Gain

TERM PLANS

The sole objective of Term plans is to serve the protection

needs of the customers and by doing so, safeguard ones family

from the financial implications of unfortunate circumstances that

one cannot foresee.

These plans are pure risk cover plans with or without maturity

benefit. These pure risk plans cover your life at a nominal cost

and you may want to take this plan to cover your outstanding

debts like a mortgage, a home loan etc.

Protector

Term Care

New Risk Care

WOMEN INSURANCE

Todays lady is an inspiration to her family.
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She takes important decisions in every household and at

work. To cater to women's special needs we offer innovative

women specific plans, which provide investment benefits,

savings, retirement solutions and medical insurance. Our specialplans help mothers plan for their children's education, save for

the future and take care of all medical emergencies in the family.

Our Regular investment and savings plan, offer:

Investments along with critical illness benefits, which

provide good returns, long term saving and protection incase of a

medical emergency

Investment plans with accidental coverage

Children's education planning

Specialized retirement income plans for homemakers to provide a

secure and financial future.

Products for House Wives

Products for Working Women

HEALTH

At Bajaj Allianz Life Insurance we offer unique

hospitalization-cum-insurance plan that takes care of your

hospitalization bills and also provides crucial financial support to

your dependents in case of your unfortunate death.

Our health insurance plans offer a sound protection to safe

guard your family from any medical emergencies and will make

sure that financial problems are least of your worries in trying to

get yourself treated.
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We offer cash less Mediclaim facility across 2000 hospitals

in over 300 towns and provide best treatment in the finest

hospitals with our health insurance products.

Care First Health Care

CHILDREN PLAN

Ever wondered why you need an insurance policy for your

child?

As a parent, you always dream the best for your child

including marriage, higher education, or that hand holding for a

start in life. Whether you are there to see your child grow up and

settled or not, your child feels your love in the financial support

arranged by you through our wide range of Children's insurance

policies taking him from one milestone to another.

Saving early and saving regularly for your child helps

combat inflation and ensures higher yields. If you take an

insurance policy for your child you can take advantage of lower

premium rates and ensure that your children remain covered

throughout adult hood, at a much lower rate. This also instills a

saving-habit in your children at a young age developing them as

and when the policy vests in them.

ChildGainJUST LAUNCHED

We at Bajaj Allianz Life Insurance continuously try to

improve our products and services so that our customers get the
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best buy.

Our recently launched products are:

Group Suraksha

GROUP

One of the best ways for employers to retain their

employees is to show them that their organization cares not only

for them but also their families.

At Bajaj Allianz Life Insurance we offer customised

insurance plans, which safeguard your employees interests and

show your commitment to your employees.

Bajaj Allianz Life Insurance Group Plans offer

Financial stability to employees

Ease of operations and fund management.

Non Employer Employee

Credit Shield

Group Term Life (Non-Employer Employee)

Employer Employee

Group Term Life (Employer Employee)

New Group Gratuity Care

New Group Superannuation Care

Group Save Plus

Group Term Life in lieu of EDLI
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Non Employer Employee

Complete reassurance for group members and their

families.

Credit Shield

Group Term Life (Non-Employer Employee)

Employer Employee

Unmatched financial security for your employees.

Group Term Life (Employer Employee)

New Group Gratuity Care

New Group Superannuating Care

Group Save Plus

Group Term Life in lieu of EDLI

MICRO INSURANCE

Our Micro Insurance products Alp Nivesh Yojana

Jana Vikas Yojana

Saral Suraksha Yojana

ADDITIONAL RIDER BENEFITS
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Bajaj Allianz offers you the flexibility to enhance your basic

insurance policy by attaching additional benefits that give more

protection to you and your family against accidents, disability,

hospitalisation expenses and critical illnesses. Additional riderbenefits allow you to redesign your life insurance coverage to suit

your needs, providing total protection against these

uncertainties.

Unit Linked

Additional Rider Benefits

UL Waiver of Premium Benefit

UL Family Income Benefit
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IRDA CERTIFICATION

Bajaj Allianz is now No 2.


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Ghosh has steered the company into the second place in

terms of premium income among private life insurers. The

company mopped up premiums of Rs 494.05 crore (Rs 4.94

billion) for the eleven months ended February 2005, which is agrowth of 333 per cent.

In the process Bajaj Allianz has displaced Birla SunLife

Insurance Company, which had been in the second position for

the past couple of years. Birla Sunlife witnessed a growth of

95.76 per cent in premium income in the period, mopping up Rs

484.54 crore (Rs 4.84 billion) as per the figures released by the

Insurance Regulatory and Development Authority.

If one were to look into the numbers, however, about Rs

199 crore (Rs 1.99 billion) of Bajaj Allianz's total premium income

comes by way of single-premium policies. As per international

standards, one needs to take just 10 per cent of this figure. This

coming to a little less than Rs 2 crore (Rs 20 million), would bring

down Bajaj Allianz's total premium calculation.

In comparison, Birla Sunlife's single-premium income

amounts to about Rs 16 crore (Rs 160 million), and that for ICICI

[Get Quote] Prudential Life Rs 114 crore (Rs 1.14 billion).

Nevertheless, since Ghosh took over from James Walton on

January 1 last year, Bajaj Allianz was at seventh place among

private players.


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The name change from Allianz Bajaj Life to Bajaj Allianz Life

was just one of the marketing wheels Ghosh set into motion that

helped Bajaj Allianz Life improve business. With the change in

leadership, Bajaj Allianz adopted a decentralised approachwhereby "there are mini-CEOs in each city, who are empowered

to take most decisions," said Ghosh.

Each branch has been empowered with better arsenal in

terms of an expanded product portfolio with the introduction of

various unit-linked plans, as they eye higher ticket customers to

grow the topline. "We have told our individual branches to

benchmark themselves with the competition within their city,

instructing them to be among the top three," said Ghosh.

What Bajaj Allianz did to ensure its being on the top was to

set up itself in a large number of towns where the only

competitor was the Life Insurance Corporation of India. Over the

last one year, Bajaj Allianz has established presence in over 300

centres as it adopted the hub and spoke business model. It

boasts of having the largest set up in the private sector.

"Our strategy has been to focus and move into small towns,

where we would only be competing with LIC [Get Quote]," said

Ghosh. The idea is to bring down costs in terms of salaries and

real estate rentals. Further, the high 20-25 per cent attrition rates

in the insurance sector are not an issue in small towns where job

opportunities for employees are not as high, he added.


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Nature & Objective of Life Insurance

Nature of Life Insurance Business:

Life Insurance is the only form of saving which generatessufficient capital because of regular payment of premium under

the policy. In case of others saving the capital is generated to the

extent of actual saving. In Life Insurance individual saving

increases with the payment of regular of and periodical

premiums. More over the saving of Life Insurance also available

for liquidity in the sense that a policyholders can get policy loan

are surrender can value are periodical survival fixed payment.

Under the protection of Life Insurance an individual become

worriless because policyholder and his family become secured

against miss happening and at the same time for his old age also.

This means that an individual policyholder has to save regularly

under his policy out of his current income and forego temptation

to spend the money on less important requirements. There is no

other better way of saving and protection than Life Insurance.

The saving of Life Insurance by way of periodical premiums

generates a huge fund, which is utilized for the welfare of the

country. The Insurance fund has a great role in the nation

economy.

Objective of Insurance:Every rupees invested in Life Insurance contribute in the

development of economy in the following three ways:-


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It provides protection to a family against the loss of life that

an average family suffers and it provides adequate funds at the

old age of the policyholder when he is unable to earn.

Life Insurance cultivate habit of compulsory saving in a

common men this habit is useful not only for a person and a

family but also useful for the society and nation.

The insurance fund show generated on the basis of regular

payment of premium is invested in the various institutions,

factories, programmes of the publics and private sector of the

nation.

Thus, Life Insurance generates habit of compulsory savings

in the Public and this saving is utilized in the best interest of the

country as a hole. The Life Insurance system is based on the

principle of mutual sharing of risks and resources, which creates

a common fund out of which misfortunes of few families are

taken care off.


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SHARES OF DIFFERENT PLAYERS

Name of Company Number of Insurers

LIC of India 66

Bajaj Allianz 8

ICICI Prudential 7

HDFC 4

Max New York Life

Insurance

1

Birla Sun Life 1

Kotak Life Insurance 4

ING Vysya 2

Others 7

Total shares of All Players 100


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Objective of the Study

Need Analysis of customers for Bajaj Allianz Life

Insurance Co. Ltd.

1. Has been undertaken in this study with the following

objectives.

2. To highlight historical background of Life Insurance.

3. To examine the funds, income and position of the Life

Insurance business of Bajaj Allianz Life.

4. To analyze the need of customers according to they are

financial and age status.

5. To provide the interpretations and solutions to satisfy the

need of customers.

6. To study the various insurance plans of Bajaj Allianz Life

and suggest an appropriate plan to the customer.

7. To conduct a need survey to know the opinions of the

customers from the market segment.


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Limitations of the Study

1. The study is predominantly based on secondary data.

Hence the limitation of secondary data is also limitation of

this study.

2. Due to lack of information, much calculation could not

be made impossible.

3. Preparation a project report is also expensive activity,

which cannot easily be afforded by each student.

4. Bajaj Allianz being a new player in the Insurance

sector, it was difficult to gather the information of the

game.

5. Difficult to explain the questionnaire of need survey to

customers.

6. Difficulty in interpreting the results of need survey.


37/48

Bibliography

Sharma D. D. : Marketing

Research

Schiffman Leon G. : Consumer

Behaviour

Kotler Philips :Marketing

Management

Websites:

www.google.com

www.wikipedia.com

www.bajajallianzlife.com
http://www.google.com/http://www.wikipedia.com/http://www.bajajallianzlife.com/http://www.google.com/http://www.wikipedia.com/http://www.bajajallianzlife.com/


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RESEARCH METHODOLOGY

Research methodology is a systematic and scientific approach in attain the purpose

of research it contain systemic steps to attain use full conclusion.

The various aspect of the research methodology followed for the studies are

following.

RESEARCH DESIGN

A research design is the arrangement of conditions for collections and

analyzing of data in a manner that aims to combine relevance to research purpose

with economy in procedure. There the research design followed was a descriptive

design. It includes survey and fact findings inquiries of different kinds.

DATA COLLECTION METHODS

Basically two types of data exits:

Primary Data

Secondary Data

Primary Data collections are composed both questionnaires and interviewing.

A structured questionnaire was prepared which contained both open-ended

questions and closed ended questions.

Sampling Plan:

Sample Unit : Sagars Respondent

Sample Size : 50


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MITA SONI Faculty of ManagementStudiesM.B.A. 4TH SEM. Dr. Hari Singh Gour

University Sagar (M.P.) - 470001

DECLARATION

I declare that the summer training

project report entitled Need Analysis

of Customer for Bajaj Allianz Co.Ltd.submitted in partial fulfillment of the

requirement for the degree of Master of

Business Administration to F.M.S.

Rajasthan University Jaipur(India) is my

original work and not submitted for the

award of any other degree, diploma,


40/48

fellowship any other similar title or

prizes.

Place: Sagar Mita

Soni

Date: (Roll No.

)


41/48

FACULTY OF MANAGEMENT STUDIES

DR. HARI SINGH GOUR UNIVERSITYDR. HARI SINGH GOUR UNIVERSITY

SAGAR (M.P.) 470001 INDIASAGAR (M.P.) 470001 INDIA

Questionnaire

Dear Respondent,

This information is required summer training project report entitled Need

Analysis of Customer for Bajaj Allianz Co. Ltd.your response will be kept

confidential and will be use for academic or research purpose only.

Thanking You

Name of Student: Mita SoniMBA 4th Sem.

1. Which type of sector do you prefer?

a) Nationalize b) Private

2. What is your interest regarding saving?

a) Bank b) Post Office c) Insurance

3. What is Source of Awareness?

a) Advisor/Agent b) Newspaper c) T.V./Internet

4. Which type of Policy do you want to take?

a) ULIP b) Endowment c) Money back

5. Which type of investment do you like?

a) Short term b) long term

6. For which period you insured?

a) 10 year b) 20 year c) whole life

7. What is your experience regarding insurance?

a) Satisfied b) Not satisfied c) No answer


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0 10 20 30 40 50 60 70

NAME OFCOMPANY

LIC

Bajaj Allianz

ICICI Prudential

HDFC SLIC

Birla Sun Life

Kotak Life insurance

ING Vysya

Max New York Life Insurance

NO.OFINSURERS

SHARES OF DIFFERENT COMPANY


43/48

CONCLUSION

The management of Bajaj Allianz Life Insurance Company Ltd has

been able to create good supervisory relationship with staff by providing

sufficient information about the goals of the hospital, the quality of

services, and staffing problem that arise, performance appraisal level is

satisfactory and staff is loyal to their hospital.

I have seen performance appraisal of employee of Bajaj Allianz Life

Insurance Company Ltd and I saw result as follows: -

S. No. Particular Agree Disagree

1. Regulatory of employee 95% 5%

2. Bajaj Allianz Life Insurance Company Ltd

Policies and procedure of employee 70% 30%

3. Training Programme 65% 35%

4. Proper timing of employee 95% Nil

5. Punctuality in job satisfaction 90% Nil

6. Employee relation with supervisor 60% 40%

7. Departmental coordination

Good 50%

Very Good 20%

Excellent 10%

Poor 5%

And also employee get rewards time to time for their performance thus

over all performance appraisal of the Bajaj Allianz Life Insurance

Company Ltd is very good on the basis of results.


44/48

Are you regular in your job?

0% 20% 40% 60% 80% 100%

Agree

Disagree

Series1

Do you satisfied with the Bajaj Allianz Life Insurance

Company Ltd policies and procedure?

0% 20% 40% 60% 80%

Agree

Disagree

Series1

Are Training and examination arranged by hospital

enhance your skills?


45/48

0%

10%

20%30%

40%

50%

60%

70%

Agree Disagree

Series1

Are you satisfied of your achievement in your job?

0% 20% 40% 60% 80%

Agree

Disagree

Series1

How does department coordination?

0%

10%

20%

30%

40%

50%

60%

good very good excellent poor

Series1

How does departmental coordination?


46/48

0%

5%

10%

15%20%

25%

30%

35%

40%

45%

Monthly Yearly Promotion None

Series1


47/48

Do you give proper timing in Bajaj Allianz Life Insurance Company

Ltd?

0%

10%

20%

30%

40%

50%

60%

70%

80%90%

100%

Agree Disagree

Series1

Are you punctual in your job?

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Agree Disagree

Series1

Do you satisfied your relationship with your

supervisor /administration?


48/48

0%

10%

20%

30%

40%

50%

60%

70%

Agree Disagree

Series1

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